Web 3 and Web 2 Compared

 1. Decentralization

Web2: In the Web2 era, most internet services are run by centralized entities. Think of Facebook, Google, and Amazon. These companies control the data, the infrastructure, and the user experience.

Web3: The goal of Web3 is to distribute control and ownership away from these central authorities. Instead, it uses decentralized networks and technologies, like blockchain, to enable peer-to-peer interactions.

2. Blockchain Technology

Web2: Traditional databases and systems are often managed by single organizations.

Web3: Relies on blockchain technology, which is a distributed ledger that records transactions across many computers. This allows for transparency, security, and tamper-resistance, as no single party controls the data.

3. Smart Contracts

Web2: Contracts and agreements are managed through intermediaries like banks or legal systems.

Web3: Uses smart contracts—self-executing contracts with the terms directly written into code. These contracts automatically enforce and execute the terms of an agreement when conditions are met, without needing intermediaries.

4. Token Economy

Web2: The economic model often relies on traditional currencies and ad revenue.

Web3: Introduces digital tokens, which can represent assets, ownership, or access rights. These tokens are often used within decentralized applications (dApps) and can be traded or used to participate in the network.

5. Ownership and Control

Web2: Users typically do not own their data; it’s stored and controlled by centralized platforms.

Web3: Users have more control over their own data and digital assets. Through decentralized identities and data storage, users can manage and monetize their own information.

6. Decentralized Applications (dApps)

Web2: Applications are hosted on centralized servers.

Web3: dApps run on decentralized networks, which means they are not controlled by any single entity. They are often built on blockchain platforms like Ethereum.

7. Interoperability

Web2: Services and applications often operate in silos, with limited interaction between them.

Web3: Aims for greater interoperability, allowing different dApps and services to work together more seamlessly through shared protocols and standards.

In essence, Web3 aims to create a more open, transparent, and user-centric internet by leveraging technologies that distribute control and enhance user sovereignty. However, it's still a developing field, and its widespread adoption and practical implementation are ongoing challenges.